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Preston shopping centre sold

Easirent Car and Van Hire in Preston are not surprised that the shopping centre has changed owners, to one which already has others across the country, but also for the fact of the number people who pass through it daily from other services.

The St John’s Shopping Centre in Preston has been sold for £4 million to Praxis (Holdings) Limited from Land Securities Plc. It holds twenty three retail units and is adjacent to the Preston Bus Station, which is newly a Grade II listed building.

Jack Burgess, investment manager at Praxis, said “There is a general over supply of retail in Preston but St John’s benefits uniquely from its proximity to the bus station with 50,000 passengers passing through daily. Now that the Bus Station is listed, the location is never going away. The footfall is tremendous and rebased rents of £20 ITZA make it very affordable for retailers. Our management team will transform the asset over the next 12 months.”

The latest purchase takes the number of shopping centres owned by Praxis in the UK to seven. Plus the firm has also just acquired Millennium Gate II grade A office building on the CreweBusinessPark in Crewe. Praxis has purchased more than £400 million of real estate since 2009 and is considered one of the most active buyers in the market.